The world's largest generic drug manufacturer is laying off thousands of employees.
Teva Pharmaceutical Industries, the world's largest generic drug manufacturer, is cutting 20% to 25% of its workforce in Israel, where it employs 6,860 people, and thousands in the United States.
Reuters reported that Calcalist, a financial newspaper based in Israeli, said that Teva’s new Chief Executive Kare Schultz, is "working out the details with regional management in Israel and the United States."
Schultz added that the company’s generic and specialty drugs business, and the research and development groups will be combined.
Michael Hayden, Chief Scientific Officer and President of Research and Development, is among those being terminated.